Beal Bank enters bidding for Donald Trump casinos

26 November 2009

Dallas-based Beal Bank has come up with a plan to take control of the Trump Entertainment Resorts' casinos in Atlantic City.

Beal Bank is owed around $486 million in loans it gave to the three casinos, which have since gone bankrupt.

The restructuring proposal for the bankrupt businesses would see Beal Bank provided with a 65 per cent stake in Trump Entertainment.

In return it will write off $386 million as well as taking a cash payment of $100 million to recover the debt.

Other creditors owed money by Trump Entertainment would take control of the remaining 35 per cent stake as part of the deal.

Last week, Donald Trump and his daughter Ivanka dropped a $116 million bid to regain control of the casinos.

The three Atlantic City resorts that are being negotiated over are Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Casino, and Trump Marina Hotel Casino.

By Tony Aynsley

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